Very good question, Johnnice... Rent-to-own (also referred to as lease-option, lease-purchase or contract for deed) situations have their pluses and minuses for you as the Buyer/tenant, as well as for the Seller/owner. In the "minus" column for you as Buyer, for instance: Typically, very little, if any, of the upfront deposit (which can be substantial) applies toward your purchase, and little, if any, of the monthly payment applies toward your purchase price. If, however, you really want a particular home, a rent-to-own situation can "hold" the home for you, as you rent for a specific period, while you work to square away any credit matters and secure financing on your own, so that you can buy the home outright -- usually 1-2 years from original contract date. E-v-e-r-y rent-to-own situation and contract is unique and customized, and you'll want to step quite carefully into this world. I strongly recommend that you talk with a lender about your financing options and with a real estate professional to guide you in this. In the case of the Realtor, you'll want to choose one who is familiar with the ins and outs of owner financing/rent-to-own situations and options. As for whether such opportunities exist in Louisville, Kentucky, yes, some homes are available as rent-to-own. Many such opportunities dried up in recent months, with a huge change in federal regulation concerning the owners/sellers of such properties -- specifically tightening the regulations around who can offer owner financing and how. Hope this helps you. Best wishes!
Syndi Chesser, 100% Club, Broker Associate, Builder
Senior Partner - Chesser Meade Group
Accredited Buyer Representative (ABR)
Certified Distressed Property Expert (CDPE)
RE/MAX Associates of Louisville (Kentucky)